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Should I Allow Pets In My Rental Property?

System - Wednesday, April 3, 2019

 

Accepting Pets in Your Rental Property

Should I allow a pet in my rental property? 


Now, did you know that over 65% of U.S. households have a pet? And by restricting pets in your rental property, you're limiting your property to about 30% of tenants.


Now, what are the benefits of allowing a pet in your property? 


Benefits of Accepting Pets in Your Rental Property

For one, it would allow you to market to a lot more people. You could charge a higher rent, you could charge a pet fee or you could charge a pet deposit. 


Research also shows that tenants with pets tend to stay longer, they renew their leases and they also make good tenants, they're more responsible tenants.


How to Minimize the Risk of Renting to Tenants with Pets

One of the things that you might want to consider is having some type of restrictions as to the type of animals, the breed, the size and the number of animals that you may want to allow in your property. 


Normally, a dog is okay depending on the size and the breed and cats are a little bit riskier but you could also consider them, as well.


You may also want to have a very strong pet addendum.  It would detail all the rules and regulations of having a pet in that rental property. You also need to be aware of the rules and regulations that have to do with service animals because the legal service animal is not considered a pet and there are different rules in regards to that.


So, if you need any further information or further details. Feel free to visit our website at incomerealty.net. My name is Colleen Harding, I'm your friendly and knowledgeable property manager here at Income Realty. You may also give me a call, my number is 305-251-5561.


About Income Realty

Income Realty has been providing real estate services in Miami and the surrounding areas for more than 40 years. It was founded in 1978 to help residential and commercial real estate investors. Over the years, we have formed many investment groups and worked with dozens of other ownership entities. We have purchased, repaired and maintained, leased and managed hundreds of properties for varying periods. We act mainly for investors, but also represent sellers, owners, and tenants through all phases of each transaction, as needed.


If you are looking for an investment property or would like help managing your existing rental property get in touch with us today. You can give us a call at (305) 251-5561 or email  charding@incomerealty.net.